Archive

Monthly Archives: May 2013

Buying Property from Foreign Sellers Can Create Tax Hazards


Posted on May 31, 2013 by

  Tax compliance hazards loom for unwary buyers of homes and other types of real property located in the United States. A buyer who fails to withhold 10 percent from the purchase price and remit this amount to Internal Revenue Service may be held liable for U.S. tax that a foreign seller was supposed to […]

Using 1031 Exchanges for Maximum Tax Benefits by Edward N. Cooper


Posted on May 29, 2013 by Edward Cooper

Using 1031 Exchanges for Maximum Tax Benefits by Edward N. Cooper A tax-deferred exchange, commonly called a 1031 exchange, can be an effective strategy for real estate investors. After several years in decline due to erratic property values, we are seeing an increase in their use. 1031 exchanges minimize taxes when qualified properties are sold […]

Developers See Opportunities and Face Obstacles in EB-5 Visa Program by John Ebenger


Posted on May 24, 2013 by John Ebenger

Wealthy citizens of foreign countries can earn profit and permanent residency in the United States, and Florida real estate is a popular asset class among these  investors. The state’s resurgent residential, commercial and hospitality property markets have stoked interest in the federal government’s Immigrant Investor Program, better known as the “EB-5” program. The program provides […]

Richard Pollack at the Bankrutpcy Bar’s Annual Retreat


Posted on May 21, 2013 by

Rich Pollack was a panelist in the forensics discussion of the Bankruptcy Bar Association’s 2013 retreat. The case study and commentary generated a lively debate moderated by Judge Robert Mark. Click here to see the slide show.

Filing an Amended Tax Return by Ken Strauss


Posted on May 14, 2013 by

When individuals receive late 1099s or other proof of income, an amended return is in order. It is important, but not complicated, to file an amended return. Here are some things to keep in mind. Taxpayers should file an amended tax return if there is a change in filing status, income, deductions or credits. Your […]

Identity Theft and the IRS by Joanie Stein


Posted on May 10, 2013 by

There is no doubt that Florida is a magnet for fraud.  In fact, the IRS conducted a pilot program in the state to work more closely with law enforcement in an effort to crack down on stolen identity and stolen tax refunds.  The program was recently expanded to all 50 states after showing success in […]

Sales Tax Bill Passes in Senate by Karen Lake


Posted on May 08, 2013 by

The US Senate recently approved legislation that will require online retailers to collect sales taxes from online purchases even if the retailer does not have a physical presence in the city in which the consumer resides. The Marketplace Fairness Act has attracted wide support from brick-and-mortar retailers who have seen shoppers come to their stores […]

Good Internal Controls – Covering the Basics by Steve Nouss


Posted on May 04, 2013 by Steve Nouss

In order to compete today, business owners must keep one eye on the developing issues and one eye on the controls that create checks and balances.  It is not imperative to develop to adopt a gold standard of corporate governance but there are initiatives that can make a big difference. Adopting programs such as an […]

Florida Governor Vetoes Alimony Reform Bill – by Sandra Perez


Posted on May 02, 2013 by

Despite swiftly passing through the Florida Senate and House by wide margins, an alimony reform bill was vetoed by Governor Rick Scott.     The governor’s office reported that he was concerned about retroactive clauses that would have allowed many settled cases to be reopened for modifications. This could result in significantly reducing or even eliminating […]